Sembcorp Marine can still get the jitters from Korean, Chinese rivals

Even if shiprepair sales surge 14%.

According to DBS, order book stands at S$13.6b, with work stretching up to 2019 due to the Petrobras projects’ (S$7.9bn) long duration of 8 years.

Although book to bill ratio is high at 3.2x, revenue visibility for 2014 will drop to 63% backed by existing orders.

Here's more from DBS:

To date, the group has secured new projects worth S$1.7b, or 34% of our new order win assumptions of S$5b, on track to meet our expectations.

SMM will recognize revenue of about S$4bn from the order book for FY2013, and expect to pick up initial recognition of the second drillship in 4Q13.

With the new mega yard at Tuas commercially ready in 2H, shiprepair sales will be higher – we are projecting a 14% yoy rise in shiprepair sales for FY13.

Jack up enquiries from the Gulf of Mexico remains buoyant, while we expect semi submersible orders to lead new order cycle. However, intensified competition from Korean and Chinese peers could limit price increase of new contracts.

While gross margins could be under pressure, efforts to cut operating expenses and GSA will keep operating margins stable.

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